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PIA Press Release

Mindanao takes in P4.3Bn in investments

by Prix D Banzon

Davao City (12 September) -- The island of Mindanao for the first six months in 2007 raked in P4.3 billion of investments registered at the Board of Investments (BOI) and PHIVIDEC Industrial Estate with Region XI with the biggest investments valued at P2.792 billion.

Mindanao Economic and Development Council senior economic specialist Ever Abasolo in Mindanao the new investments this year yielded jobs of about 2,206.

Abasolo was the guest during the Davao Business Reporters Forum on Tuesday at MediSpa at SM City Davao.

He said there were18 registered projects and the Davao Region cornered eight, followed by Phividec with 4 valued at P1.19 billion and Region XII, 4 at P241.7 million, then Region X, 1 of P57.5 million and Region XIII, 1 with P30 million. No data available yet from Region IX.

He said of the total investments for the first six months 97 percents or P3.340 billion came from local investors.

He said local investment growth for this period posted 168.9 percent increase.

The foreign direct investments according to Abasolo went down by 80 percent from P603.5 million in the first semester last year to P115 million in 2007.

The FDI for the period (January to June 2007) had total value of P114.9 million.

He said majority of these foreign investments came from mainland Chinese investors who are into mineral exploration for chromite ore.

Japanese came next and were into manufacture of activated carbon while the South Koreans have investments in the coco peat industry. (PIA XI) [top]

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